Chicago investment firm nabs Northridge multifamily complex for $43.5M

Essex Property Trust bought the building for $36.4 million in 2014

Nov.November 28, 2016 12:00 PM
9830 Reseda Blvd and Waterton CEO David Schwartz
9830 Reseda Blvd and Waterton CEO David Schwartz

Waterton, a Chicago-based investment and management firm helmed by David Schwartz, has shelled out $43.5 million for a Northridge multifamily complex formerly owned by Essex Property Trust, The Real Deal has learned.

The sales price pencils out to about $230,000 a unit or about $260 per rentable square foot.

The deal was brokered by Marcus & Millichap. Representatives for both Waterton and Essex did not immediately respond to requests for comment.

Essex bought the property, known as Candlewood North, for $36.4 million in 2014, records show. The 189-unit building, at 9830 Reseda Boulevard, dates back to 1964 but was renovated in the 1990s, according to Real Capital Analytics.

Essex’s California portfolio has been performing well, with the company posting same-property revenue growth of 6.9 percent in the third quarter.

However, CEO Michael Schall sounded a word of caution during the company’s last earning call, projecting continued upticks in supply.

“We expect rental growth rates to return to longer-term averages, as compared to the exceptional rental growth generated in the past several years,” he said.

Related Articles


Essex Property Trust’s Hollywood resi complex takes shape

Essex Property Trust sells DTLA apartment building for $220M

Essex proposes 21-vendor food hall at Santee Court apartments in DTLA

Jefferson at Hollywood apartment complex sells for $132M

Essex Property Trust buys $185M apartment portfolio in the Valley

Crown Realty & Development CEO Robert Flaxman (Credit: Getty Images)

Singin’ the Varsity Blues: Developer Robert Flaxman sentenced in admissions scandal

1181 N. Hillcrest Road LLC President Bruce Makowsky and 1181 N. Hillcrest Road

Developer Bruce Makowsky asked associates to violate campaign ethics law, city officials say

William McMorrow, Todd Boehl, Sunset North building in Bellevue (Credit: Getty Images)

Kennedy Wilson receives $300M investment, announces new $1.5B target for West Coast fund